Comment Text:
10-005
COMMENT
CL-02386
From:
Sent:
To:
Subject:
secretary
Wednesday, April 7, 2010 11:14 AM
Metals
Hearing
FW: Comments on the Metals position limits public hearing
..... Original Message .....
From: Eric Nansen [mailto:[email protected]]
Sent: Wednesday, April 07, 2010 10:35 AM
To: secretary
Subject: Comments on the Metals position limits public hearing
Dear Sir;
I trade futures except for silver because of the illogical wild swings in price. I watched (and rewatched) the entire March 25,
2010 hearing on metal position limits. The conclusion I came to was that position limits and hedging without exemptions to
bullion banks that have paper backing paper must me imposed and enforced. The arguments that the participants will go to
other markets are not relevant to this decision. They won't go if the market is fair and transparent. I believe that the proposal
to establish a speculative position limit in COMEX silver of no more than 1500 contracts is appropriate. Also a restriction
must be placed with an exemption from those limits to legitimate hedgers (end users not bullion banks). The obvious
concentration by four or less participants in COMEX silver futures that have been experienced over the past few years on the
short side of the market must be stopped. Limits must be equally applied to the long and
short side of the silver market.
Best Regards,
Eric Nansen
